Shape dough into ball. Place in large greased bowl; turn dough over once to grease surface. Cover with plastic wrap; let rise in warm place about 1 hour or until doubled in bulk.

Grease 2 large baking sheets. Turn dough out onto floured work surface. Divide dough in half. Place one half back in bowl; cover and set aside. Cut remaining half into thirds. Roll each third into 12-inch rope. Place on prepared baking sheet. Braid ropes together. Repeat procedure with remaining dough.

Brush beaten egg on braids. Let braids stand at room temperature about 1 hour or until doubled in bulk.

Preheat oven to 350°F. Bake braids about 45 minutes or until golden brown and sound hollow when tapped. Remove to wire rack to cool. Sprinkle with powdered sugar before serving.